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DISCONTINUED OPERATIONS
 6 Months Ended
Jun. 30, 2014
Discontinued Operations and Disposal Groups [Abstract]  
Discontinued Operations

We apply the provisions of ASC Topic 360, “Property, Plant and Equipment”, which requires that long-lived assets that are to be disposed of by sale be measured at the lesser of (1) book value or (2) fair value less cost to sell.  In addition, it requires that one accounting model be used for long-lived assets to be disposed of by sale and broadens the presentation of discontinued operations to include more disposal transactions.

 

Discontinued operations relates to properties that were either sold or repositioned as held for sale as of the period ended June 30, 2014.  Included in the loss from discontinued operations are legal expenses relating to a commercial property sold in 2011. There were no properties sold in 2014 or 2013.  The gain on sale of the properties, if applicable, is also included in discontinued operations for those years.  The following table summarizes revenue and expense information for the properties sold and held for sale (dollars in thousands):

 

    For the Three Months Ended     For the Six Months Ended  
    June 30,     June 30,  
    2014     2013     2014     2013  
Revenues:                        
     Rental and other property revenues   $ -     $ -     $ -     $ -  
                                 
Expenses:                                
     General and administrative     -       -       -       18  
          Total operating expenses     -       -       -       18  
Loss from discontinued operations before gains on sale of real estate, taxes, and fees     -       -       -       (18 )
     Income tax benefit     -       -       -       6  
Net loss from discontinued operations   $ -     $ -     $ -     $ (12 )

 

Our application of ASC Topic 360 results in the presentation of the net operating results of these qualifying properties sold or held for sale during 2014 as income from discontinued operations. This does not have an impact on net income available to common shareholders and only impacts the presentation of these properties within the Consolidated Statements of Operations.